Shares of energy companies fell alongside oil futures amid hopes the Iran-U.S. cease-fire would lead to the reopening of the Strait of Hormuz.
Oil futures plunged 7.9% in New York to $91.28 a barrel.
One strategist said there were positive signs from Tehran and Washington DC despite blockades of the key shipping channel by both sides. "We see diplomacy," said Mark Malek, chief investment officer at brokerage Siebert Financial. "I know some of it bluster, but we see [people on both sides] trying to figure out what's the right way to do this,"
Saudi Arabia is pressing the U.S. to drop its blockade of the Iranian strait, fearing President Trump's move to close it off could lead Iran to escalate and disrupt traffic at a Yemeni chokepoint for Saudi oil.
European countries, meanwhile, are assembling a broad coalition of countries to help free up shipping through the Strait of Hormuz after the war.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-14-26 1701ET
